What You Need To Know For A Mortgage Pre-approval
Where to get a mortgage preapproval
You can get a mortgage preapproval from mortgage lenders, banks, credit unions and other financial institutions. Different lenders may have different interest rates and conditions for similar products. Talk to several lenders to make sure you’re getting the best mortgage product for your needs. It’s important to be comfortable with the lender and the mortgage options they offer you, right from the start. Payout penalties, delaying mortgage payments (if needed), terms and qualifications, the amount of time for a held interest rate in a mortgage agreement will vary with the financial institution.
A mortgage preapproval checklist
Purchasing a home is an exciting process, but gathering all the required documents can be a daunting task. Below is a mortgage document checklist will help you ensure that you have the documentation you need.
- Employment and Income Verification (Usually last 3 years when self-employed)
- Confirmation of your down payment or a gift letter
- Current employment and amount of other monthly income
- Savings or investments statements within the last 90 days
- Copy of recent payslips
- Evidence of recent pay deposited
- T1 General and associated Notice of Assessment (NOA)
- Withdrawals from RRSP through the Home Buyer’s Plan, if applicable
- Previous employment (if required)
- Additional income sources (if any)
- Basic financials property details
- A list of current assets and liabilities
- Bank account and transit number for payments
- A copy of the accepted purchase and sale agreement including the property’s full address, legal description and postal code along with estimated property tax estimates, condo fees and/or heating costs
- For rural properties, well and septic certificates
Our RE/MAX Realtors have several in-house mortgage brokers to help our clients. Contact us today for a list of recommended associates.
This pre-approval process does not guarantee your approval for a mortgage. Once you have a written offer, both the offer and your financial assessment will go through another check.
IMPORTANT: Do not make any large purchases until you have physically moved into your new home and the title has been transferred. A financial institution reserves the right to pull the mortgage away from you even on possession day. This is usually done due to a job loss or a double check on your credit.
Free Mortgage Preapprovals
Have one of our RE/MAX in-house mortgage brokers contact you for a free pre-approval. Simply fill out the form below to find out how much house you can afford for your new home with our great interest rates.